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The Ellis Act (California Government Code Chapter 12.75) [1] is a 1985 California state law that allows landlords to evict residential tenants to "go out of the rental business" in spite of desires by local governments to compel them to continue providing rental housing.
In 2019, WalletHub applied California's statewide effective property tax rate of 0.77% to the state median home market value of $443,400; the annual property taxes of $3,414 on the median home value was the 9th-highest in the United States. [31]
For example, due to COVID-19, Oakland, California implemented a moratorium to prevent evictions from happening, which ended in February 2021. [30] Whereas in Massachusetts the eviction moratorium ended on October 17, 2020, and there was a CDC moratorium that stopped physical removals in cases where tenants owed rent due to illness or job loss ...
You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
Under the arcane tax rule of possessory interest, thousands of California tenants in subsidized housing could face individual tax bills upwards of $1,000 a year.
You’re not eligible for the $250,000-per-person home sale profit exclusion, and in addition to paying capital gains tax you also face a depreciation recapture tax of 25%.
Responsible for property tax. The owner, not tenant, of the property must pay the tax. The owner liable for property tax can be an individual, company or legal entity (commercial company or real estate company). The tax is due each year from taxpayers who own property on 1 January of the tax year.
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